Gujarat: Just ahead of the upcoming festival season, consumers and homemakers are facing another setback as edible oil prices hike up. Following the latest price hike, a tin of peanut oil crossed Rs.2900. Cotton-seed oil which is widely used by middle-class households has also become the costlier with its price reaching around Rs.2795 per tin.
According to market traders and experts, delayed sowing during monsoon season has affected the arrival of fresh produce. Shortage of raw materials and delayed supply chain have contributed to the latest increased prices of ground oil and peanut oil.According to edible oil traders, rising prices of imported oil and side oils have also contributed to the price hike in the local market.
As per market assessment, edible oil prices may decline once the large-scale arrival of new crops begin after Navratri.Traders expect oil prices to return to normal level after the Navratri and Diwali festive season.
